Standard&Poor's Ratings Services assigned its 'AA' long-term rating to the Nashville&Davidson County Metropolitan Government (Metro), Tenn.'s approximately $405 million series 2013A general obligation (GO) improvement bonds. At the same time, Standard&Poor's affirmed its 'AA' long-term and underlying rating (SPUR) on Metro's existing GO debt. The outlook on all ratings is stable. The rating reflects our view of Metro's: Deep, diversified economic and employment base; Role as a regional economic center, which is evidenced by strong per capita retail sales; Moderate overall debt levels, coupled with reasonable capacity to fund projects identified in its capital improvement program (CIP). In our view, the rating is constrained by Metro's: Challenges with maintaining structurally balanced budgets, coupled with
